摘要
本文从全球金融危机的视角,基于我国A股上市公司2005到2011年的数据,实证研究了金融危机期间,企业资产的流动性、地区金融发展水平对企业商业信用供给下降的缓冲作用。研究发现,良好的流动性能缓冲金融危机造成的企业商业信用供给下降,而且民营企业对流动性的缓冲作用依赖更强。进一步的研究表明,在金融发展程度高的地区,企业对流动性缓冲作用的依赖会减小,并且民营企业对流动性的缓冲作用依赖更强的状况也得到了改善。这说明,金融发展能减小企业,特别是民营企业的融资约束,从而替代流动性的缓冲作用。本文从企业应对金融危机的角度拓展了商业信用供给的相关研究,并对金融发展如何支持经济增长提供了新的解释。
Based on the data of Chinese listed firms of A-share from 2005 to 2011, this article studies the buffering effect of liquidity and financial development against trade credit decline in the global financial crisis, as well as their alternative mechanism. We find that credit crunch caused by the financial crisis will harm firms＇ trade credit supply by pushing up its costs. Thus the contraction in bank credit is passed on to trade credit. For firms with good liquidity, the decline of trade credit supply is relatively small, suggesting that good liquidity are able to alleviate the drop in trade credit supply due to the bank-driven shock to trade credit. What＇s more, we find that the buffering effect of good liquidity is more effective for nonstate owned firms, suggesting that non-state owned firms are more reliant on the buffering of liquidity. When further considering the role of financial development, we find that in regions with a devel- oped financial market, firms rely less on the buffering of liquidity when providing trade credit and the fact that non-state owned firms＇ reliance on the buffering of liquidity is stronger than state owned firms is mitigated. It can be declared that good financial development could help firms to defend the impact of the financial crisis on trade credit supply, and replace the buffering effect of liquidity. This paper contributes to the analysis of the development predicament of non-state owned firms and the related researches of trade credit supply from the perspective of how firms respond to the financial crisis. This paper also has important policy implications to the economic development of emerging entities like China. Our results show that developed financial market helps firms to tackle with market competition through the operating function of trade credit, and to redistribute bank credit through the financing function of trade credit. In this way, financial development could finally boost economic growth.
出处
《南开管理评论》
CSSCI
北大核心
2013年第3期4-15,68,共13页
Nankai Business Review
基金
国家自然科学基金项目(71172205)资助
关键词
金融危机
流动性
金融发展
实际控制人
商业信用
缓冲作用
Financial Crisis
Liquidity
Financial Development
Ultimate Controller
Trade Credit
Buffering Effect
